Cyprus’ housing market – It continues to recover

25/01/2018

Demand is now rising sharply. During the first seven months of 2017, property sales in Cyprus rose by 19.6% to 4,349 units from a year earlier. Sales to the domestic market rose 12.6% and sales to the overseas market were up by 41.3%, based on figures from the Department of Lands & Surveys.

Likewise, the number of dwelling permits soared 41% y-o-y to 1,889 units during the first five months of 2017, according to the Statistical Service of Cyprus.

This across-the-board housing market improvement is partly driven by Cyprus’ recovering economy. In 2016, the economy grew by 2.8%, an improvement from an annual growth of 1.7% in 2015 and y-o-y declines of 1.5% in 2014, 6% in 2013, and 3.2% in 2012, according to the International Monetary Fund (IMF). The economy is projected to expand by 2.5% this year, and by another 2.3% in 2017.